The growth of the power electronics market can be attributed to increasing demand for energy-efficient battery-powered portable devices, rising need to upgrade existing power infrastructure, and growing focus toward the use of renewable power sources. The report " Power Electronics Market by Device Type (Discrete, Modules, ICs), Material, Application, Vertical (ICT, Consumer Electronics, Energy and Power, Industrial, Automotive, Aerospace & Defense), Region - Global Forecast to 2023", is projected to grow from USD 39.0 billion in 2018 to USD 51.0 billion by 2023, at a CAGR of 5.5% between 2018 and 2023.
Power electronics market for discrete devices expected to grow at the highest CAGR during the forecast period
This growth is attributed to the increasing use of power devices in automotive and industrial verticals. The market for power discrete in transportation applications is showing significant growth, as the production of hybrid and electric vehicles is growing at a high pace. Moreover, to reduce power consumption, power discrete devices are used in majority of the verticals such as energy & power, ICT, consumer electronics, automotive, industrial, and others.
Asia Pacific is projected to be the largest market for power electronics during the forecast period
The power electronics market in Asia Pacific is projected to grow at the highest CAGR from 2018 to 2023. The region is also expected to be the largest market for power electronics during the forecast period. The growth of the market in Asia Pacific can be attributed to the presence of a large number of manufacturers of consumer electronics and automotive in the region and increased demand for power electronic devices from the automotive, consumer electronics, and energy and power verticals of Asia Pacific.
Infineon Technologies (Germany), ON Semiconductor (US), Texas Instruments (US), STMicroelectronics(Switzerland), Fuji Electric (Japan), Mitsubishi Electric (Japan), Toshiba (Japan), Renesas Electronics (Japan), NXP Semiconductors (Netherlands), Maxim Integrated Products (US), Vishay Intertechnology (US), ABB (Switzerland), SEMIKRON (Germany), Analog Devices (US), Hitachi (Japan), Microsemi (US), ROHM Semiconductor (Japan), Microchip Technology (US), Littelfuse (US), and Danfoss (Denmark) are some of the major players operating in the power electronics market.
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